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On Thursday, multiple on-chain and market signals pointed to shifting institutional flows, tightening mining economics, and renewed speculative activity across crypto markets. The day’s data included large exchange withdrawals tied to institutional-linked wallets, fresh inflows into Solana exchange-traded products, continued pressure on public Bitcoin miners, and a new DeFi exploit that triggered stablecoin-related enforcement actions.
On-chain monitoring cited by PANews and Onchain Lens reported that BlackRock-associated addresses withdrew 3,899 BTC and 839 ETH from Coinbase over an eight-hour window. The transfers were valued at approximately $289.9 million for BTC and $1.95 million for ETH at the time of reporting.
Large withdrawals from centralized exchanges are often interpreted as moves into long-term custody or operational reallocations rather than immediate selling pressure. However, the data is attribution-based, and exchange wallet labeling can be imperfect, meaning the ultimate ownership and purpose of the transfers may require further confirmation.
In the U.S. Solana spot ETF market, the category recorded combined net inflows of $15.5 million on Wednesday U.S. Eastern Time (ET), according to Odaily. The inflows were concentrated entirely in the Bitwise Solana Staking ETF (BSOL), which brought its cumulative net inflow to $808 million.
Odaily also reported that the SOL spot ETF category held total net assets of about $892 million, with a net asset ratio of 1.73%. Historical cumulative net inflows were listed at approximately $997 million. Traders were treating the one-day inflow as a gauge of institutional demand for Solana exposure, particularly as staking-linked structures compete for yield-seeking allocations.
A report cited by PANews, referencing Cointelegraph, said publicly listed Bitcoin mining firms—including MARA Holdings, CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer Technologies—sold more than 32,000 BTC in the first quarter of 2026. The figure was reported to exceed the group’s total sales for all of 2025, indicating a sharp change in treasury behavior.
The selling was attributed to worsening mining profitability. Industry metrics showed hashprice—revenue per unit of hashrate—falling below $35 per PH/s per day. Around the $33 level, the report estimated that roughly 20% of mining operators were operating at a loss.
Contributing factors cited included rising network hashrate, reduced block rewards following the post-halving regime, and macro uncertainty weighing on miners’ cash flows.
CryptoQuant data cited in the report showed miners’ aggregate BTC holdings slipping to about 1.8 million BTC from roughly 1.86 million at the end of 2023. CoinShares was also reported to have warned that without a significant rebound in Bitcoin’s price, higher-cost operators could exit the market in greater numbers through the first half of 2026.
By contrast, Bitcoin-treasury firms such as Strategy were reported to have continued adding BTC, highlighting a divergence between leveraged producers and longer-duration holders.
CertiK said Rhea Finance, a NEAR ecosystem DeFi protocol, suffered an exploit involving “fake token contract” deployments, resulting in approximately $7.6 million in losses. The attacker allegedly created multiple counterfeit token contracts and seeded newly created liquidity pools, a strategy believed to have manipulated the protocol’s oracle and validation layers.
In a related development, Tether said it froze 3.29 million USDT linked to the hacker address. Tether CEO Paolo Ardoino disclosed the action on X, stating the issuer treated the incident seriously. The move renewed attention on stablecoin freeze controls—mechanisms that can support recovery efforts while also underscoring centralized intervention capabilities in some fiat-backed tokens.
Wu Blockchain reported that Circle, the issuer of USDC, is facing a class-action lawsuit connected to the Drift Protocol hack, citing Cointelegraph. The summarized report did not provide details of the claims or the amount sought, but it noted that legal escalation involving a major stablecoin issuer can affect DeFi risk assessments and broader confidence in stablecoin settlement rails.
Odaily, citing Arkham monitoring, reported that an address associated with the U.S. government transferred roughly $606,000 worth of BTC to Coinbase Prime. The coins were reportedly traced to assets seized from Bitfinex hacking defendant Ilya Lichtenstein.
Market participants often interpret government-related transfers to exchanges as potential pre-sale signals, though an exchange deposit alone does not confirm liquidation.
In more speculative market activity, the BRC-20 sector surged, according to CoinGecko data cited by Odaily. The segment’s market capitalization rose above $237 million, while 24-hour trading volume reached about $1.6 billion—described as unusually high turnover relative to the sector’s size.
Among the biggest movers, MUBI jumped 398.9% to $0.001429, while ORDI rose 144.7% to $9.15. Other tokens posted gains including SATS (+60.8%), TURT (+36.6%), and 1000SATS (+59.8%). ORDI briefly topped $8.5 on OKX and was later quoted around $8.2, with Odaily reporting an intraday gain exceeding 191% at one point.
BRC-20 is a token standard that uses Bitcoin’s inscription-based mechanics. Sharp rallies in the category were framed as a proxy for short-term risk-on sentiment tied to the broader Bitcoin ecosystem rather than underlying fundamentals.
PANews also flagged heavy AKE token movement. Over the last four days, about 12.3 billion AKE—roughly 55% of circulating supply and valued around $8.67 million—was transferred via four wallets to Binance Alpha. On-chain analyst Eugene suggested the flow may have contributed to AKE’s reversal after a spike to $0.00158, followed by a 65% drop.
Trading activity reportedly increased as the transfers began. Daily volume rose from about $2 million to $34 million, a pattern traders often associate with elevated distribution risk, liquidity shocks, or rapid repositioning by a small number of large holders.
Taken together, the day’s data highlighted a recurring crypto pattern: while institutional products and custody flows can support longer-term narratives, near-term price action remains highly sensitive to miner capitulation signals, exploit-driven risk repricing in DeFi, and fast-moving speculative pockets such as BRC-20 tokens.
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